Raymond James Financial Inc. Invests $8.50 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Raymond James Financial Inc. acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 34,155 shares of the insurance provider's stock, valued at approximately $8,498,000. Raymond James Financial Inc. owned about 0.07% of RenaissanceRe as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in RNR. SBI Securities Co. Ltd. purchased a new position in RenaissanceRe during the fourth quarter worth about $29,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of RenaissanceRe by 51.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after buying an additional 41 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of RenaissanceRe by 1,587.5% in the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after buying an additional 127 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock worth $39,000 after acquiring an additional 65 shares during the period. Finally, UMB Bank n.a. lifted its holdings in RenaissanceRe by 40.0% in the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider's stock valued at $44,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Trading Up 2.1 %

Shares of RenaissanceRe stock traded up $4.91 during trading hours on Wednesday, reaching $244.03. 411,023 shares of the company's stock were exchanged, compared to its average volume of 393,235. The firm has a market capitalization of $12.02 billion, a price-to-earnings ratio of 6.97, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe Holdings Ltd. has a 52-week low of $208.98 and a 52-week high of $300.00. The company has a fifty day moving average of $240.51 and a 200-day moving average of $256.79.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. This is an increase from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe's payout ratio is presently 4.57%.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company's stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their target price on shares of RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Keefe, Bruyette & Woods dropped their target price on shares of RenaissanceRe from $318.00 to $294.00 and set an "outperform" rating for the company in a report on Tuesday, February 4th. Barclays downgraded shares of RenaissanceRe from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $284.00 to $234.00 in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a "neutral" rating in a research note on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RenaissanceRe has an average rating of "Hold" and a consensus price target of $283.40.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.